Controversial Franklin Lakes Housing Development Could Decrease Local Property Values, Residents say

Hundreds of residential properties will be built on the Wyckoff-Franklin Lakes border due to the Franklin Lakes Planning Board unanimously approving the controversial application.

More than 130 acres of land will be redeveloped on the west side of Ewing Avenue along the border so 55 affordably-priced condominiums and 220 market-priced homes can be built.

The analysis states that about 680 people are expected to live in the development.

The Ramapo-Indian Hills Regional School District could receive 23 new students at a cost of nearly $444,000. The families of those students are estimated to pay $905,000 in taxes, for an annual estimated $461,000 surplus.

The 220 market-price units include 60 homes priced at, according to a financial impact analysis, $1.3 million and 160 townhouses priced at $850,000 each.

The 55 affordably-priced units will consist of a mix of one-, two-, and three-bedroom condominiums valued at nearly $132,000 each.

The properties are estimated to have a combined value of more than $221 million and an estimated valuation of $208 million.

A group of residents spoke out at meetings over the course of several months and urged the board not to approve the application.

Michael Petrino, one of the most vocal opponents of the application, has said the development would decrease property values, increase water pollution, and dramatically add to area traffic.

Wyckoff Mayor Kevin Rooney could not be reached for comment. Franklin Lakes Mayor Frank Bivona would not comment.